National Credit Act 34

The National Credit Act 34 states that it is present in order:

“To promote a fair and non—discriminatory marketplace for access to consumer credit and for that purpose to provide for the general regulation of consumer credit and improved standards of consumer information;  to promote black economic empowerment and ownership within the consumer credit industry;  to prohibit certain unfair credit and credit—marketing practices; to promote responsible credit granting and use and for that purpose to prohibit reckless credit granting;  to provide for debt re-organisation in cases of over-indebtedness;  to regulate credit information; to provide for registration of credit bureaux, credit providers and debt counselling services; to establish national norms and standards relating to consumer credit; to promote a consistent enforcement framework relating to consumer credit; to establish the National Credit Regulator and the National Consumer Tribunal; to repeal the Usury Act, 1968, and the Credit Agreements Act, 1980; and to provide for related incidental matters.” – from the Government Gazette  

National Credit Act 34 is the amendment from 2005 that instated the National Credit Regulators, as well as heightens consumer protection across the credit/debt industry. Not only dealing with specific language of agreements, but also circumstances surrounding them. Seeking to promote a fair and non-discriminatory marketplace, this gives each individual, from all works of life, equal opportunity to become commercially active, playing a part in the economy.

From reckless lending to over indebted consumers, we offer sound advice and guidance when dealing with your debt.